The simplest form of business is a sole trader.

A sole trade is an individual trading in their own name. The business itself has no separate identity, so that the profits of the business are treated as the profits of the trader and the trader is liable for the debts of the business.

A sole trader is subject to income tax and Class 4 National Insurance Contributions on the profits of the business, which are reported through their Self-Assessment Tax Return each year.

The sole trader will have to register with HMRC for self-assessment, if they are not already within this system will also have to register for VAT if the turnover exceed the registration threshold, and register a PAYE scheme if it has employees.

Tax Innovations can provide the following services to your partnership:

As had been expected, the 2018 Spring Statement update did not include any major tax policy announcements; rather it provided a number of consultations that suggest potential legislative changes in the future. Read more about the areas set for exploration here.